Can I sell a home I have only lived in for 8 months?

Question

I would like to sell my condo but I am afraid I will not make any money on it because I have only lived here for 8 months. How does that work?

Answer 1

Obviously you can sell any thing you own. Though you've only lived in a place a few months, consider any upgrades you've made to the place, as well as how it shows. You may realize a profit of only 1-5% above your purchase price, but it certainly wolnd't keep me from selling if I wanted to.

Answer 2

Define "Any Money"

Without doing a thing but cleanups I have flipped houses in far less time.
Determine what your cost to date has been, and find out current market values. Then sell for what you think the market will bear, but be preapred not to be wealthy in the eventual income from the sale.
The ability to sell is far less dependant on your time in, the condition, or improvements. It more relates to your area, how many homes are for sale and selling, the economy and convenience of your location, the amount of advertising done to sell, the agent you get or the process used in selling, and in the end, what a prospective is willing to pay.
Never should you actually "lose" money, unless you have more in it than it's worth, or to buy it you spent a large cash outlay.

One personal example. Even long ago with my first rental property, I bought for 13 K. I held it for 8 months, rented it in that time, added minimal improvements and sold it for 25 K. After expenses I netted about 7 K. Not too shabby for what it was.

Rev. Steven

BTW, capital gains taxes are excused if you reinvest the profit in another home of equal or greater value

Answer 3

It depends on the state in which your reside. You usually have to wait 18 months to avoid the capital gains tax....which can be HUGE...also, last year a new Federal law passed that gives you a ONE TIME opportunity to sell your home BEFORE the 18 months is up and that is if your selling to relocate due to a job change. This can only be used 1x.
Another alternative is rent the home or do a rent/lease owner purchase contract. You can get a large down.....5-10 thousand and monthly payments, make the contract so the tenant is responsible for maintenance and upkeep.
My husband and I have done both these options on a couple of homes and each time it was profitable.
You can get rental/lease contracts at any home depot or office supply.
Yes, you can sell anything you want, as one other answer suggested, however we do have laws in this country and you have to learn how to work with those laws to the best of your advantage...good luck :)

Answer 4

You likely will not make any money on selling at this point. You may get what you paid for it, but that will not include all the extra closing costs and fees you paid when you purchased it. To make a profit on a home you need to be there a min. of 5 years. The exception to this is if you purchased for less than it's value and did improvements to the property making it worth more now.

Answer 5

Depends on any renovations you have done, or if the market in your area has gone up around you. I bought my house a year aog, and the market sky rocketed, i's now worth almost twice what I paid.

Answer 6

by the time you deduct the real estate commission and costs you probably wont make any money, but it depends on what you paid for it and what you can sell it for